Key Takeaways
- • Galaxy Digital closed a $1.4 billion non-recourse project financing facility to fund the initial retrofit and expansion of its Helios data center campus in West Texas, supporting AI and high-performance computing operations.
- • CoreWeave Inc. has committed to the full 800 MW of approved power capacity at Helios across three phases, with the company securing leases for an initial phase, a second phase of 260 MW (executed in August 2025), and exercising a final option for an additional 133 MW.
- • Husch Blackwell's energy team served as local counsel to Galaxy, advising on regulatory structure for energy provision and real estate arrangements for the phased campus development, positioning the firm as a key legal partner in major data center infrastructure transactions.
- • The financing structure isolates the data center business as a separate, non-recourse entity from Galaxy's other corporate assets, reducing risk concentration for the parent company.
- • This transaction reflects accelerating institutional capital deployment into AI infrastructure, with Galaxy leveraging long-term customer commitments to secure substantial project-level debt financing.
Summary
Galaxy Digital Holdings has reached financial close on a $1.4 billion project financing facility designed to support the retrofit and expansion of its Helios data center campus located in West Texas. The debt facility will fund initial infrastructure development to deliver power for artificial intelligence and high-performance computing operations under a long-term supply agreement with CoreWeave Inc., a prominent AI infrastructure provider.
Husch Blackwell's energy team played a central role in the transaction, serving as local counsel to Galaxy and providing advisory services on two critical structural elements: the regulatory framework governing energy provision to the data center campus and the real estate arrangements underpinning the phased development of the campus, including provisions for shared use of campus facilities.
The financing represents the latest milestone in an expanding partnership between Galaxy and CoreWeave. In August 2025, Galaxy executed a lease agreement with CoreWeave for the second phase of Helios development, granting CoreWeave access to an additional 260 MW of critical IT load under terms consistent with the first phase lease signed earlier in the year. CoreWeave has subsequently exercised its final contractual option to access an additional 133 MW, bringing the company's total committed capacity to the full 800 MW of approved power at the Helios campus.
The non-recourse structure of the financing facility is significant for Galaxy's capital allocation strategy, as it isolates the data center business as a standalone entity, insulating Galaxy's broader digital assets portfolio from project-level debt obligations. This structure aligns with institutional investor preferences for clarity in cash flow segregation and represents standard market practice for large infrastructure financings backed by long-term customer contracts. The transaction underscores growing institutional confidence in AI infrastructure as a fundable asset class, particularly when anchored by committed, creditworthy customers like CoreWeave.
Husch Blackwell's energy team played a central role in the transaction, serving as local counsel to Galaxy and providing advisory services on two critical structural elements: the regulatory framework governing energy provision to the data center campus and the real estate arrangements underpinning the phased development of the campus, including provisions for shared use of campus facilities.
The financing represents the latest milestone in an expanding partnership between Galaxy and CoreWeave. In August 2025, Galaxy executed a lease agreement with CoreWeave for the second phase of Helios development, granting CoreWeave access to an additional 260 MW of critical IT load under terms consistent with the first phase lease signed earlier in the year. CoreWeave has subsequently exercised its final contractual option to access an additional 133 MW, bringing the company's total committed capacity to the full 800 MW of approved power at the Helios campus.
The non-recourse structure of the financing facility is significant for Galaxy's capital allocation strategy, as it isolates the data center business as a standalone entity, insulating Galaxy's broader digital assets portfolio from project-level debt obligations. This structure aligns with institutional investor preferences for clarity in cash flow segregation and represents standard market practice for large infrastructure financings backed by long-term customer contracts. The transaction underscores growing institutional confidence in AI infrastructure as a fundable asset class, particularly when anchored by committed, creditworthy customers like CoreWeave.
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